0000895417-24-000024 | 10-Q/A | XBRL Viewer | Equity Lifestyle Properties INC

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Equity Incentive Awards	3 Months Ended
Equity Incentive Awards	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Equity Incentive Awards	Equity Incentive Awards Our 2014 Equity Incentive Plan (the “2014 Plan”) was adopted by the Board of Directors on March 11, 2014 and approved by our stockholders on May 13, 2014. During the quarter ended March 31, 2023, 82,884 shares of restricted stock were awarded to certain members of our management team. Of these shares, 50% are time-based awards, vesting in equal installments over a three-year period on January 30, 2024, February 4, 2025 and February 3, 2026, respectively, and have a grant date fair value of $3.0 million. The remaining 50% are performance-based awards vesting in equal installments on January 30, 2024, February 4, 2025 and February 3, 2026, respectively, upon meeting performance conditions as established by the Compensation Committee in the year of the vesting period. They are valued using the closing price at the grant date when all the key terms and conditions are known to all parties. The 13,812 shares of restricted stock subject to 2023 performance goals have a grant date fair value of $1.0 million. Stock based compensation expense, reported in General and administrative expense on the Consolidated Statements of Income and Comprehensive Income, was $2.5 million and $2.6 million for the quarters ended March 31, 2023 and 2022, respectively.

Equity Incentive Awards (Details) - USD ($) $ in Millions	3 Months Ended
Equity Incentive Awards (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense related to incentive plans	$ 2.5	$ 2.6
Restricted Stock \| 2014 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (in shares)	82,884
Shares categorized as vesting (in percentage)	50.00%
Vesting period (in years)	3 years
Fair value of shares issued	$ 3.0
Shares categorized as performance based (in percentage)	50.00%
Restricted Stock \| 2014 Awards \| Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	33.33%
Restricted Stock \| 2014 Awards \| Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	33.33%
Restricted Stock \| 2014 Awards \| Share-based Payment Arrangement, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	33.33%
Performance Shares \| 2014 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (in shares)	13,812
Fair value of shares issued	$ 1.0

Borrowing Arrangements - Narratives (Details)		3 Months Ended	12 Months Ended
Borrowing Arrangements - Narratives (Details)	Mar. 01, 2023	Mar. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)
Debt Instrument
Weighted average interest rate (in percentage)		3.70%
Number of pledged properties \| property		114
Investment in real estate		$ 5,147,769,000	$ 5,111,021,000
Unsecured line of credit		212,000,000	198,000,000
Senior Unsecured Term Loan \| Line of Credit
Debt Instrument
Line of credit facility, maximum borrowing capacity			200,000,000
Asset Pledged as Collateral
Debt Instrument
Investment in real estate		$ 2,895,200,000	$ 2,868,300,000
Minimum \| Senior Unsecured Term Loan \| Line of Credit \| SOFR
Debt Instrument
Debt instrument, variable rate (percent)			1.30%
Maximum \| Senior Unsecured Term Loan \| Line of Credit \| SOFR
Debt Instrument
Debt instrument, variable rate (percent)			1.80%
Secured Debt \| Minimum
Debt Instrument
Stated interest rate (in percentage)		2.40%
Secured Debt \| Maximum
Debt Instrument
Stated interest rate (in percentage)		8.90%
Line of Credit \| Revolving Credit Facility
Debt Instrument
Line of credit facility, maximum borrowing capacity		$ 500,000,000
Unsecured line of credit		212,000,000	$ 198,000,000
Line of credit, remaining borrowing amount		288,000,000
Line of Credit \| Minimum \| SOFR
Debt Instrument
Debt instrument, variable rate (percent)	1.25%
Line of Credit \| Minimum \| Revolving Credit Facility
Debt Instrument
Annual facility fee (in percentage)	0.20%
Line of Credit \| Maximum \| SOFR
Debt Instrument
Debt instrument, variable rate (percent)	1.65%
Line of Credit \| Maximum \| Revolving Credit Facility
Debt Instrument
Annual facility fee (in percentage)	0.35%
Unsecured Debt \| Senior Unsecured Term Loan
Debt Instrument
Debt face amount		$ 300,000,000		$ 300,000,000
Unsecured Debt \| Minimum \| Senior Unsecured Term Loan \| SOFR
Debt Instrument
Debt instrument, variable rate (percent)		1.40%
Unsecured Debt \| Maximum \| Senior Unsecured Term Loan \| SOFR
Debt Instrument
Debt instrument, variable rate (percent)		1.95%

Restatement of Previously Issued Consolidated Financial Statements (Tables)

3 Months Ended

Mar. 31, 2023

Accounting Changes and Error Corrections [Abstract]

Schedule of Impact of Revisions of Line Items Within the Consolidated Statements of Cash Flows

The impact on the line items within the previously reported Consolidated Statements of Cash Flows for the quarters ended March 31, 2023 and 2022 previously filed in the Original Report are as follows (in thousands):


	Three Month Ended March 31, 2023					Three Month Ended March 31, 2022
Operating Activities	As Reported		Adjustment	As Restated		As Reported		Adjustment		As Restated
Manufactured homes, net	$	—	(19,574)	$	(19,574)	$	—	$	(1,378)	$	(1,378)
Other assets, net	$	21,763	(15,907)	$	5,856	$	23,168	$	(21,311)	$	1,857
Net cash provided by operating activities	$	194,461	(35,481)	$	158,980	$	177,331	(22,689)		$	154,642

Investing Activities
Capital improvements	$	(96,455)	35,481	$	(60,974)	$	(83,647)	$	22,689	$	(60,958)
Net cash used in investing activities	$	(101,928)	35,481	$	(66,447)	$	(105,182)	$	22,689	$	(82,493)

Cash and restricted cash, end of period	$	30,661	—	$	30,661	$	38,120	—		$	38,120

In addition, capital improvements in our Home Sales and Rental Operations segment shown in Note 14. Reportable Segments has been updated to reflect the restatement to our Consolidated Statements of Cash Flows.

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value (in usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	600,000,000	600,000,000
Common stock, shares issued (in shares)	186,205,815	186,120,298
Common stock, shares outstanding (in shares)	186,205,815	186,120,298

Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues:
Rental income	$ 296,451	$ 285,065
Other income	17,714	13,542
Interest income	2,088	1,759
Income from other investments, net	2,091	1,904
Total revenues	369,952	360,189
Expenses:
Property operating and maintenance	112,483	103,992
Real estate taxes	18,316	19,457
Membership sales and marketing	4,838	4,331
Depreciation and amortization	50,502	49,394
Home selling expenses and ancillary operating expenses	6,924	6,481
General and administrative	11,661	12,072
Casualty-related charges/(recoveries), net	0	0
Other expenses	1,468	1,048
Early debt retirement	0	516
Interest and related amortization	32,588	27,464
Total expenses	281,385	273,310
Loss on sale of real estate and impairment, net	(2,632)	0
Income before equity in income of unconsolidated joint ventures	85,935	86,879
Equity in income of unconsolidated joint ventures	524	171
Consolidated net income	86,459	87,050
Income allocated to non-controlling interests – Common OP Units	(4,088)	(4,144)
Net income available for Common Stockholders	82,371	82,906
Other comprehensive income (loss):
Adjustment for fair market value of swap	(3,978)	9,924
Consolidated comprehensive income	82,481	96,974
Comprehensive income allocated to non-controlling interests – Common OP Units	(3,899)	(4,616)
Comprehensive income attributable to Common Stockholders	$ 78,582	$ 92,358
Earnings per Common Share – Basic (in usd per share)	$ 0.44	$ 0.45
Earnings per Common Share – Fully Diluted (in usd per share)	$ 0.44	$ 0.45
Weighted average common shares outstanding – basic (in shares)	185,900	185,690
Weighted average common shares outstanding – fully diluted (in shares)	195,369	195,246
Annual membership subscriptions
Revenues:
Contract revenue	$ 15,970	$ 15,157
Membership upgrade sales
Revenues:
Contract revenue	3,505	3,067
Home sales, brokered resales and ancillary services
Revenues:
Contract revenue	32,133	39,695
Expenses:
Cost of services	23,141	30,684
Property management
Expenses:
Cost of services	$ 19,464	$ 17,871

Investments in Unconsolidated Joint Ventures

3 Months Ended

Mar. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Joint Ventures

The following table summarizes our investment in unconsolidated joint ventures (investment amounts in thousands with the number of Properties shown parenthetically as of March 31, 2023 and December 31, 2022, respectively):


						Investment as of				Income/(Loss) for the Quarters Ended
Investment	Location	Number of Sites	Economic Interest (a)			March 31, 2023		December 31, 2022		March 31, 2023		March 31, 2022
Meadows	Various (2,2)	1,077	50	%		$	232	$	158	$	374	$	260
Lakeshore	Florida (3,3)	721	(b)			2,866		2,625		172		135
Voyager	Arizona (1,1)	—	—	%	(c)	—		139		692		20
ECHO JV	Various	—	50	%		2,773		2,963		(190)		177
RVC	Various	1,282	80	%	(d)	60,036		60,323		(353)		(421)
Mulberry Farms	Arizona	200	50	%		10,071		9,902		(31)		—
Hiawassee KOA JV	Georgia	283	50	%		$	5,157	$	5,294	$	(140)	$	—
		3,563				$	81,135	$	81,404	$	524	$	171

_____________________

(a)The percentages shown approximate our economic interest as of March 31, 2023. Our legal ownership interest may differ.

(b)Includes two joint ventures in which we own a 65% interest in each and the Crosswinds joint venture in which we own a 49% interest.

(c)During the quarter ended March 31, 2023 we sold our 33% interest in the utility plant servicing Voyager RV Resort.

(d)Includes three joint ventures of which one joint venture owns a portfolio of seven operating RV communities and two joint ventures each own an RV property under development.

We received approximately $1.2 million and $0.4 million in distributions from our unconsolidated joint ventures for the quarters ended March 31, 2023 and 2022, respectively. Approximately $0.3 million of the distributions made to us exceeded our basis in our unconsolidated joint ventures for the quarters ended March 31, 2023 and 2022, and as such, were recorded as income from unconsolidated joint ventures.

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Investment in real estate:
Land	$ 2,086,725	$ 2,084,532
Land improvements	4,170,166	4,115,439
Buildings and other depreciable property	1,197,416	1,169,590
Investment in real estate	7,454,307	7,369,561
Accumulated depreciation	(2,306,538)	(2,258,540)
Net investment in real estate	5,147,769	5,111,021
Cash and restricted cash	30,661	22,347
Notes receivable, net	46,655	45,356
Investment in unconsolidated joint ventures	81,135	81,404
Deferred commission expense	51,090	50,441
Other assets, net	162,003	181,950
Total Assets	5,519,313	5,492,519
Liabilities:
Mortgage notes payable, net	2,677,318	2,693,167
Term loan, net	497,039	496,817
Unsecured line of credit	212,000	198,000
Accounts payable and other liabilities	185,126	175,148
Deferred membership revenue	204,312	197,743
Accrued interest payable	12,090	11,739
Rents and other customer payments received in advance and security deposits	130,704	122,318
Distributions payable	87,338	80,102
Total Liabilities	4,005,927	3,975,034
Stockholders' Equity:
Preferred stock, $0.01 par value, 10,000,000 shares authorized as of March 31, 2023 and December 31, 2022; none issued and outstanding.	0	0
Common stock, $0.01 par value, 600,000,000 shares authorized as of March 31, 2023 and December 31, 2022; 186,205,815 and 186,120,298 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively.	1,916	1,916
Paid-in capital	1,629,866	1,628,618
Distributions in excess of accumulated earnings	(205,203)	(204,248)
Accumulated other comprehensive income	15,141	19,119
Total Stockholders’ Equity	1,441,720	1,445,405
Non-controlling interests – Common OP Units	71,666	72,080
Total Equity	1,513,386	1,517,485
Total Liabilities and Equity	$ 5,519,313	$ 5,492,519

Organization and Basis of Presentation (Details)	Mar. 31, 2023
Operating Partnership
Other Ownership Interests [Line Items]
Ownership interest (percent)	95.30%

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies (a) Revenue Recognition Our revenue streams are predominantly derived from customers renting our Sites or entering into membership subscriptions. Leases with customers renting our Sites are accounted for as operating leases. The rental income associated with these leases is accounted for in accordance with the Accounting Standards Codification (“ASC”) 842, Leases, and is recognized over the term of the respective lease or the length of a customer’s stay. MH Sites are generally leased on an annual basis to residents who own or lease factory-built homes, including manufactured homes. RV and marina Sites are leased to those who generally have an RV, factory-built cottage, boat or other unit placed on the site, including those customers renting marina dry storage slips. Annual Sites are leased on an annual basis, including those Northern Properties that are open for the summer season. Seasonal Sites are leased to customers generally for one to six months. Transient Sites are leased to customers on a short-term basis. We do not separate expenses reimbursed by our customers (“utility recoveries”) from the associated rental income as we meet the practical expedient criteria of ASC 842, Leases to combine the lease and non-lease components. We assessed the criteria and concluded that the timing and pattern of transfer for rental income and the associated utility recoveries are the same and, as our leases qualify as operating leases, we account for and present rental income and utility recoveries as a single component under Rental income in our Consolidated Statements of Income and Comprehensive Income. In addition, customers may lease homes that are located in our communities. These leases are accounted for as operating leases. Rental income derived from customers leasing homes is also accounted for in accordance with ASC 842, Leases and is recognized over the term of the respective lease. The allowance for credit losses related to the collectability of lease receivables is presented as a reduction to Rental income. Lease receivables are presented within Other assets, net on the Consolidated Balance Sheets and are net of an allowance for credit losses. The estimate for credit losses is a result of our ongoing assessments and evaluations of collectability, including historical loss experience, current market conditions and future expectations in forecasting credit losses. Annual membership subscriptions and membership upgrade sales are accounted for in accordance with ASC 606, Revenue from Contracts with Customers. Membership subscriptions provide our customers access to specific Properties for limited stays at a specified group of Properties. Payments are deferred and recognized on a straight-line basis over the one-year period during which access to Sites at certain Properties is provided. Membership subscription receivables are presented within Other assets, net on the Consolidated Balance Sheets and are net of an allowance for credit losses. Membership upgrades grant certain additional access rights to the customer and require non-refundable upfront payments. The non-refundable upfront payments are recognized on a straight-line basis over 20 years. Financed upgrade sales (also known as contract receivables) are presented within Notes receivable, net on the Consolidated Balance Sheets and are net of an allowance for credit losses. Income from home sales is recognized when the earnings process is complete. The earnings process is complete when the home has been delivered, the purchaser has accepted the home and title has transferred. We have a limited program under which we purchase loans made by an unaffiliated lender to homebuyers at our Properties. Financed home sales (also known as chattel loans) are presented within Notes receivable, net on the Consolidated Balance Sheets and are net of an allowance for credit losses. (b) Restricted Cash As of March 31, 2023 and December 31, 2022, restricted cash consisted of $19.8 million and $19.7 million, respectively, primarily related to cash reserved for customer deposits and escrows for insurance and real estate taxes. (c) Insurance Recoveries We carry comprehensive insurance coverage for losses resulting from property damage and environmental liability and business interruption claims on all of our properties. We record the estimated amount of expected insurance proceeds for property damage, clean-up costs and other losses incurred as an asset (typically a receivable from our insurance carriers) and income up to the amount of the losses incurred when receipt of insurance proceeds is deemed probable. Any amount of insurance recovery in excess of the losses incurred and any amount of insurance recovery related to business interruption are considered a gain contingency and will be recognized in the period in which the insurance proceeds are received. During the quarter ended March 31, 2023, we recognized expenses of approximately $8.5 million related to debris removal and cleanup related to Hurricane Ian and an offsetting insurance recovery revenue accrual of $8.5 million related to the expected insurance recovery as a result of Hurricane Ian.

Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Estimated membership upgrade contract term	20 years
Cash and cash equivalents, restricted cash	$ 19.8	$ 19.7
Hurricane Ian
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Expenses related to removal and cleanup	8.5
Offsetting insurance recovery	$ 8.5
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lessor operating lease term	1 month
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lessor operating lease term	6 months

Restatement of Previously Issued Consolidated Financial Statements (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Manufactured homes, net	$ (19,574)	$ (1,378)
Other assets, net	5,856	1,857
Net cash provided by operating activities	158,980	154,642
Capital improvements	(60,974)	(60,958)
Net cash used in investing activities	(66,447)	(82,493)
Cash and restricted cash, end of year	$ 30,661	$ 38,120	$ 22,347	$ 123,398

Leases

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Leases

Lessor

The leases entered into between the customer and us for rental of a Site are renewable upon the consent of both parties or, in some instances, as provided by statute. Long-term leases that are non-cancelable by the tenants are in effect at certain Properties. Rental rate increases at these Properties are primarily a function of increases in the Consumer Price Index, taking into consideration certain conditions. Additionally, periodic market rate adjustments are made as deemed appropriate. In addition, certain state statutes allow entry into long-term agreements that effectively modify lease terms related to rent amounts and increases over the term of the agreements. The following table presents future minimum rents expected to be received under long-term non-cancelable tenant leases, as well as those leases that are subject to long-term agreements governing rent payments and increases:


(amounts in thousands)	As of March 31, 2023
2023	$	86,670
2024	115,394
2025	42,805
2026	23,963
2027	22,544
Thereafter	57,200
Total	$	348,576

Lessee

We lease land under non-cancelable operating leases at 10 Properties expiring at various dates between 2028 and 2054. The majority of the leases have terms requiring fixed payments plus additional rents based on a percentage of gross revenues at those Properties. We also have other operating leases, primarily office space, expiring at various dates through 2032. For the quarters ended March 31, 2023 and 2022, total operating lease payments were $1.5 million and $2.6 million, respectively.

The following table summarizes our minimum future rental payments, excluding variable costs, which are discounted by our incremental borrowing rate to calculate the lease liability for our operating leases as of March 31, 2023:


	As of March 31, 2023
(amounts in thousands)	Ground Leases		Office and Other Leases		Total
2023	$	544	$	3,081	$	3,625
2024	675		3,407		4,082
2025	680		3,108		3,788
2026	684		2,613		3,297
2027	689		2,424		3,113
Thereafter	4,525		10,794		15,319
Total undiscounted rental payments	7,797		25,427		33,224
Less imputed interest	(2,013)		(3,741)		(5,754)
Total lease liabilities	$	5,784	$	21,686	$	27,470

Right-of-use (“ROU”) assets and lease liabilities from our operating leases, included within Other assets, net and Accounts payable and other liabilities on the Consolidated Balance Sheets, were $25.3 million and $27.5 million, respectively, as of March 31, 2023. The weighted average remaining lease term for our operating leases was nine years and the weighted average incremental borrowing rate was 3.8% at March 31, 2023.

ROU assets and lease liabilities from our operating leases, included within Other assets, net and Accounts payable and other liabilities on the Consolidated Balance Sheets, were $25.9 million and $28.0 million, respectively, as of December 31, 2022. The weighted average remaining lease term for our operating leases was nine years and the weighted average incremental borrowing rate was 3.8% at December 31, 2022.

Leases

Lessor


(amounts in thousands)	As of March 31, 2023
2023	$	86,670
2024	115,394
2025	42,805
2026	23,963
2027	22,544
Thereafter	57,200
Total	$	348,576

Lessee


	As of March 31, 2023
(amounts in thousands)	Ground Leases		Office and Other Leases		Total
2023	$	544	$	3,081	$	3,625
2024	675		3,407		4,082
2025	680		3,108		3,788
2026	684		2,613		3,297
2027	689		2,424		3,113
Thereafter	4,525		10,794		15,319
Total undiscounted rental payments	7,797		25,427		33,224
Less imputed interest	(2,013)		(3,741)		(5,754)
Total lease liabilities	$	5,784	$	21,686	$	27,470

Leases - Summary of Minimum Future Operating Lease Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Future Minimum Lease Payments Under Noncancelable Operating Leases [Line Items]
2023	$ 3,625
2024	4,082
2025	3,788
2026	3,297
2027	3,113
Thereafter	15,319
Total undiscounted rental payments	33,224
Less imputed interest	(5,754)
Total lease liabilities	27,470	$ 28,000
Ground Leases
Future Minimum Lease Payments Under Noncancelable Operating Leases [Line Items]
2023	544
2024	675
2025	680
2026	684
2027	689
Thereafter	4,525
Total undiscounted rental payments	7,797
Less imputed interest	(2,013)
Total lease liabilities	5,784
Office and Other Leases
Future Minimum Lease Payments Under Noncancelable Operating Leases [Line Items]
2023	3,081
2024	3,407
2025	3,108
2026	2,613
2027	2,424
Thereafter	10,794
Total undiscounted rental payments	25,427
Less imputed interest	(3,741)
Total lease liabilities	$ 21,686

Common Stock and Other Equity Related Transactions (Tables)

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Schedule of Dividends Declared

The following quarterly distributions have been declared and paid to Common Stockholders and the Operating Partnership unit (“OP Unit”) holders since January 1, 2022.

Distribution Amount Per Share

For the Quarter Ended

Stockholder Record Date

Payment Date

$0.4100

March 31, 2022

March 25, 2022

April 8, 2022

$0.4100

June 30, 2022

June 24, 2022

July 8, 2022

$0.4100

September 30, 2022

October 14, 2022

$0.4100

December 31, 2022

December 30, 2022

January 13, 2023

$0.4475

March 31, 2023

April 14, 2023

Derivative Instruments and Hedging - Narratives (Details) - USD ($)	1 Months Ended	3 Months Ended
	Apr. 30, 2023	Mar. 31, 2023	Mar. 31, 2021
Derivative
Reclassified as a decrease to interest expense		$ 14,000,000
Senior Unsecured Term Loan \| Unsecured Debt
Derivative
Debt face amount		$ 300,000,000	$ 300,000,000
Subsequent Event \| Senior Unsecured Term Loan \| Unsecured Debt
Derivative
Debt face amount	$ 200,000,000
Interest Rate Swap
Derivative
Derivative, notional amount			$ 300,000,000
Derivative fixed interest rate ( in percentage)		0.41%
Derivative instrument, effective interest rate		1.81%
Interest Rate Swap \| Subsequent Event
Derivative
Derivative, notional amount	$ 200,000,000
Derivative fixed interest rate ( in percentage)	3.68%
Derivative instrument, effective interest rate	4.88%
Interest Rate Swap \| SOFR
Derivative
Basis spread on variable rate (in percentage)		1.40%
Interest Rate Swap \| SOFR \| Subsequent Event
Derivative
Basis spread on variable rate (in percentage)	1.20%

Investments in Unconsolidated Joint Ventures - Narratives (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Distributions from joint ventures	$ 1.2	$ 0.4
Distributions from joint ventures, including those in excess of basis	$ 0.3	$ 0.3

Investment in Real Estate	3 Months Ended
Investment in Real Estate	Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Investment in Real Estate	Investment in Real Estate Acquisitions 2023 On March 28, 2023, we completed the acquisition of Red Oak Shores Campground, a 223-site RV community located in Ocean View, New Jersey for a purchase price of $9.5 million. The acquisition was accounted for as an asset acquisition under ASC 805, Business Combinations and was funded from our unsecured line of credit. Impairment During the quarter ended March 31, 2023, we recorded an impairment charge of approximately $2.6 million related to flooding events at certain Properties in California.

Derivative Instruments and Hedging - Fair Value of Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Derivative
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other assets, net	Other assets, net
Designated as Hedging Instrument \| Interest Rate Swap
Derivative
Derivative asset	$ 15,141	$ 19,119

Reportable Segments - Income from Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues:
Other income	$ 17,714	$ 13,542
Total revenues	369,952	360,189
Expenses:
Real estate taxes	18,316	19,457
Membership sales and marketing	4,838	4,331
Total expenses	281,385	273,310
Income before equity in income of unconsolidated joint ventures	85,935	86,879
Annual membership subscriptions
Revenues:
Revenue from contract with customer	15,970	15,157
Membership upgrade sales
Revenues:
Revenue from contract with customer	3,505	3,067
Property management
Expenses:
Property management and cost of ancillary services	19,464	17,871
Property Operations
Revenues:
Rental income	292,579	281,104
Other income	17,714	13,542
Total revenues	341,737	325,426
Expenses:
Operating and maintenance	111,524	102,590
Real estate taxes	18,316	19,457
Membership sales and marketing	4,838	4,331
Ancillary operating expenses	5,584	5,018
Total expenses	165,023	154,988
Income before equity in income of unconsolidated joint ventures	176,714	170,438
Property Operations \| Annual membership subscriptions
Revenues:
Revenue from contract with customer	15,970	15,157
Property Operations \| Membership upgrade sales
Revenues:
Revenue from contract with customer	3,505	3,067
Property Operations \| Ancillary services
Revenues:
Revenue from contract with customer	11,969	12,556
Expenses:
Property management and cost of ancillary services	5,297	5,721
Property Operations \| Property management
Expenses:
Property management and cost of ancillary services	19,464	17,871
Home Sales and Rentals Operations
Revenues:
Rental income	3,872	3,961
Total revenues	24,036	31,100
Expenses:
Operating and maintenance	959	1,402
Home selling expenses	1,340	1,463
Total expenses	20,143	27,828
Income before equity in income of unconsolidated joint ventures	3,893	3,272
Home Sales and Rentals Operations \| Home sales And brokered resales
Revenues:
Revenue from contract with customer	20,164	27,139
Expenses:
Property management and cost of ancillary services	$ 17,844	$ 24,963

Restatement of Previously Issued Consolidated Financial Statements

3 Months Ended

Mar. 31, 2023

Accounting Changes and Error Corrections [Abstract]

Restatement of Previously Issued Consolidated Financial Statements

During the quarter ended June 30, 2023, the Company identified and corrected an error related to the classification of cash outflows associated with the purchase of manufactured homes in the Consolidated Statements of Cash Flows. Previously, the Company classified these cash outflows within investing activities in the Consolidated Statements of Cash Flows. Based on the predominance principle in ASC 230-10-45-22, the Company determined that all of the cash flows associated with the purchase and sale of manufactured homes should be classified within operating activities in the Consolidated Statements of Cash Flows. There was no impact to the Consolidated Statements of Income and Comprehensive Income, Consolidated Balance Sheets, or Consolidated Statements of Changes in Equity for any periods presented. The Company is correcting this misclassification by restating its Consolidated Statements of Cash Flows through this Amended Report.


	Three Month Ended March 31, 2023					Three Month Ended March 31, 2022
Operating Activities	As Reported		Adjustment	As Restated		As Reported		Adjustment		As Restated
Manufactured homes, net	$	—	(19,574)	$	(19,574)	$	—	$	(1,378)	$	(1,378)
Other assets, net	$	21,763	(15,907)	$	5,856	$	23,168	$	(21,311)	$	1,857
Net cash provided by operating activities	$	194,461	(35,481)	$	158,980	$	177,331	(22,689)		$	154,642

Investing Activities
Capital improvements	$	(96,455)	35,481	$	(60,974)	$	(83,647)	$	22,689	$	(60,958)
Net cash used in investing activities	$	(101,928)	35,481	$	(66,447)	$	(105,182)	$	22,689	$	(82,493)

Cash and restricted cash, end of period	$	30,661	—	$	30,661	$	38,120	—		$	38,120

Reportable Segments - Narratives (Details)	3 Months Ended
Reportable Segments - Narratives (Details)	Mar. 31, 2023 segment
Segment Reporting [Abstract]
Number of reportable segments	2

Borrowing Arrangements - Fair Value of Mortgage Debt (Details) - Fair Value, Inputs, Level 2 - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair Value
Debt Instrument
Mortgage notes payable, excluding deferred financing costs	$ 2,100,665	$ 2,043,412
Carrying Value
Debt Instrument
Mortgage notes payable, excluding deferred financing costs	$ 2,701,638	$ 2,718,114

Reportable Segments

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Reportable Segments

We have identified two reportable segments: (i) Property Operations and (ii) Home Sales and Rentals Operations. The Property Operations segment owns and operates land lease Properties and the Home Sales and Rentals Operations segment

purchases, sells and leases homes at the Properties. The distribution of the Properties throughout the United States reflects our belief that geographic diversification helps insulate the portfolio from regional economic influences.

All revenues were from external customers and there is no customer who contributed 10% or more of our total revenues during the quarters ended March 31, 2023 or 2022.

The following tables summarize our segment financial information for the quarters ended March 31, 2023 and 2022:

Quarter Ended March 31, 2023


(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	$	341,737	$	24,036	$	365,773
Operations expenses	(165,023)		(20,143)		(185,166)
Income from segment operations	176,714		3,893		180,607
Interest income	1,566		514		2,080
Depreciation and amortization	(47,755)		(2,747)		(50,502)
Loss on sale of real estate and impairment, net	(2,632)		—		(2,632)
Income from operations	$	127,893	$	1,660	$	129,553
Reconciliation to consolidated net income:
Corporate interest income					8
Income from other investments, net					2,091
General and administrative					(11,661)
Other expenses					(1,468)
Interest and related amortization					(32,588)
Equity in income of unconsolidated joint ventures					524

Consolidated net income					$	86,459

Total assets	$	5,239,891	$	279,422	$	5,519,313
Capital improvements (1)	$	51,412	$	9,562	$	60,974

___________________

(1)Amounts are restated. See Part I. Item 1. Financial Statements—Note 3. Restatement of Previously Issued Consolidated Financial Statements for more information.

Quarter Ended March 31, 2022


(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	$	325,426	$	31,100	$	356,526
Operations expenses	(154,988)		(27,828)		(182,816)
Income from segment operations	170,438		3,272		173,710
Interest income	1,377		380		1,757
Depreciation and amortization	(46,877)		(2,517)		(49,394)

Income from operations	$	124,938	$	1,135	$	126,073
Reconciliation to consolidated net income:
Corporate interest income					2
Income from other investments, net					1,904
General and administrative (1)					(12,072)
Other expenses (1)					(1,048)
Interest and related amortization					(27,464)
Equity in income of unconsolidated joint ventures					171
Early debt retirement					(516)
Consolidated net income					$	87,050

Total assets	$	5,012,335	$	252,470	$	5,264,805
Capital improvements (2)	$	54,990	$	5,968	$	60,958

______________________

(1)Prior period amounts have been reclassified to conform to the current period presentation.

(2)Amounts are restated. See Part I. Item 1. Financial Statements—Note 3. Restatement of Previously Issued Consolidated Financial Statements for more information.

The following table summarizes our financial information for the Property Operations segment for the quarters ended March 31, 2023 and 2022:


	Quarters Ended March 31,
(amounts in thousands)	2023		2022
Revenues:
Rental income	$	292,579	$	281,104
Annual membership subscriptions	15,970		15,157
Membership upgrade sales (1)	3,505		3,067

Other income	17,714		13,542
Gross revenues from ancillary services	11,969		12,556
Total property operations revenues	341,737		325,426
Expenses:
Property operating and maintenance	111,524		102,590
Real estate taxes	18,316		19,457
Membership sales and marketing (1)	4,838		4,331

Cost of ancillary services	5,297		5,721
Ancillary operating expenses	5,584		5,018
Property management	19,464		17,871
Total property operations expenses	165,023		154,988
Income from property operations segment	$	176,714	$	170,438

_____________________

(1)We present membership upgrade sales and related commissions on a net basis in the Consolidated Statements of Income and Comprehensive Income.

The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters ended March 31, 2023 and 2022:


	Quarters Ended March 31,
(amounts in thousands)	2023		2022
Revenues:
Rental income (1)	$	3,872	$	3,961
Gross revenue from home sales and brokered resales	20,164		27,139
Total revenues	24,036		31,100
Expenses:
Rental home operating and maintenance	959		1,402
Cost of home sales and brokered resales	17,844		24,963
Home selling expenses	1,340		1,463
Total expenses	20,143		27,828
Income from home sales and rentals operations segment	$	3,893	$	3,272

______________________

(1)Rental income within Home Sales and Rentals Operations does not include base rent related to the rental home Sites. Base rent is included within property operations

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI https://asc.fasb.org/topic&trid=2134510

+ Details

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	We are involved in various legal and regulatory proceedings (“Proceedings”) arising in the ordinary course of business. The Proceedings include, but are not limited to, legal claims made by employees, vendors and customers, and notices, consent decrees, information requests, additional permit requirements and other similar enforcement actions by governmental agencies relating to our utility infrastructure, including water and wastewater treatment plants and other waste treatment facilities and electrical systems. Additionally, in the ordinary course of business, our operations are subject to audit by various taxing authorities. Management believes these Proceedings taken together do not represent a material liability. In addition, to the extent any such Proceedings or audits relate to newly acquired Properties, we consider any potential indemnification obligations of sellers in our favor.

Reportable Segments (Tables)

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Summary of Segment Financial Information

The following tables summarize our segment financial information for the quarters ended March 31, 2023 and 2022:

Quarter Ended March 31, 2023


(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	$	341,737	$	24,036	$	365,773
Operations expenses	(165,023)		(20,143)		(185,166)
Income from segment operations	176,714		3,893		180,607
Interest income	1,566		514		2,080
Depreciation and amortization	(47,755)		(2,747)		(50,502)
Loss on sale of real estate and impairment, net	(2,632)		—		(2,632)
Income from operations	$	127,893	$	1,660	$	129,553
Reconciliation to consolidated net income:
Corporate interest income					8
Income from other investments, net					2,091
General and administrative					(11,661)
Other expenses					(1,468)
Interest and related amortization					(32,588)
Equity in income of unconsolidated joint ventures					524

Consolidated net income					$	86,459

Total assets	$	5,239,891	$	279,422	$	5,519,313
Capital improvements (1)	$	51,412	$	9,562	$	60,974

___________________

(1)Amounts are restated. See Part I. Item 1. Financial Statements—Note 3. Restatement of Previously Issued Consolidated Financial Statements for more information.

Quarter Ended March 31, 2022


(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	$	325,426	$	31,100	$	356,526
Operations expenses	(154,988)		(27,828)		(182,816)
Income from segment operations	170,438		3,272		173,710
Interest income	1,377		380		1,757
Depreciation and amortization	(46,877)		(2,517)		(49,394)

Income from operations	$	124,938	$	1,135	$	126,073
Reconciliation to consolidated net income:
Corporate interest income					2
Income from other investments, net					1,904
General and administrative (1)					(12,072)
Other expenses (1)					(1,048)
Interest and related amortization					(27,464)
Equity in income of unconsolidated joint ventures					171
Early debt retirement					(516)
Consolidated net income					$	87,050

Total assets	$	5,012,335	$	252,470	$	5,264,805
Capital improvements (2)	$	54,990	$	5,968	$	60,958

______________________

(1)Prior period amounts have been reclassified to conform to the current period presentation.

(2)Amounts are restated. See Part I. Item 1. Financial Statements—Note 3. Restatement of Previously Issued Consolidated Financial Statements for more information.

Summary of Financial Information for the Property Operations Segment

The following table summarizes our financial information for the Property Operations segment for the quarters ended March 31, 2023 and 2022:


	Quarters Ended March 31,
(amounts in thousands)	2023		2022
Revenues:
Rental income	$	292,579	$	281,104
Annual membership subscriptions	15,970		15,157
Membership upgrade sales (1)	3,505		3,067

Other income	17,714		13,542
Gross revenues from ancillary services	11,969		12,556
Total property operations revenues	341,737		325,426
Expenses:
Property operating and maintenance	111,524		102,590
Real estate taxes	18,316		19,457
Membership sales and marketing (1)	4,838		4,331

Cost of ancillary services	5,297		5,721
Ancillary operating expenses	5,584		5,018
Property management	19,464		17,871
Total property operations expenses	165,023		154,988
Income from property operations segment	$	176,714	$	170,438

_____________________

(1)We present membership upgrade sales and related commissions on a net basis in the Consolidated Statements of Income and Comprehensive Income.

The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters ended March 31, 2023 and 2022:


	Quarters Ended March 31,
(amounts in thousands)	2023		2022
Revenues:
Rental income (1)	$	3,872	$	3,961
Gross revenue from home sales and brokered resales	20,164		27,139
Total revenues	24,036		31,100
Expenses:
Rental home operating and maintenance	959		1,402
Cost of home sales and brokered resales	17,844		24,963
Home selling expenses	1,340		1,463
Total expenses	20,143		27,828
Income from home sales and rentals operations segment	$	3,893	$	3,272

______________________

(1)Rental income within Home Sales and Rentals Operations does not include base rent related to the rental home Sites. Base rent is included within property operations

Leases - Narratives (Details) $ in Thousands	3 Months Ended
Leases - Narratives (Details) $ in Thousands	Mar. 31, 2023 USD ($) property	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Leases [Abstract]
Number of non-cancelable operating leases, lessee (leases) \| property	10
Operating lease payments	$ 1,500	$ 2,600
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets, net		Other assets, net
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Accounts payable and other liabilities		Accounts payable and other liabilities
Right of use asset	$ 25,300		$ 25,900
Operating lease liability	$ 27,470		$ 28,000
Weighted average operating lease term	9 years		9 years
Operating lease weighted average interest rate (percent)	3.80%		3.80%

Earnings Per Common Share - Schedule of Computation of Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Numerators:
Net income available for Common Stockholders – Basic	$ 82,371	$ 82,906
Amounts allocated to non controlling interest (dilutive securities)	4,088	4,144
Net income available for Common Stockholders – Fully Diluted	$ 86,459	$ 87,050
Denominators:
Weighted average Common Shares outstanding – Basic (in shares)	185,900	185,690
Effect of dilutive securities:
Exchange of Common OP Units for Common Shares (in shares)	9,262	9,301
Stock options and restricted stock (in shares)	207	255
Weighted average common shares outstanding – fully diluted (in shares)	195,369	195,246
Earnings per Common Share – Basic (in usd per share)	$ 0.44	$ 0.45
Earnings per Common Share – Fully Diluted (in usd per share)	$ 0.44	$ 0.45

Common Stock and Other Equity Related Transactions - Narratives (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Feb. 24, 2022
Class of Stock [Line Items]
Common stock, par value (in usd per share)	$ 0.01		$ 0.01
OP units were exchanged for an equal number of shares of common stock (in shares)	25,496	8,640
Private Placement
Class of Stock [Line Items]
Common stock, par value (in usd per share)				$ 0.01
Aggregate offering price				$ 500.0

Leases (Tables)

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Schedule of Future Minimum Rents Expected to be Received

The following table presents future minimum rents expected to be received under long-term non-cancelable tenant leases, as well as those leases that are subject to long-term agreements governing rent payments and increases:


(amounts in thousands)	As of March 31, 2023
2023	$	86,670
2024	115,394
2025	42,805
2026	23,963
2027	22,544
Thereafter	57,200
Total	$	348,576

Summary of Minimum Future Operating Lease Payments


	As of March 31, 2023
(amounts in thousands)	Ground Leases		Office and Other Leases		Total
2023	$	544	$	3,081	$	3,625
2024	675		3,407		4,082
2025	680		3,108		3,788
2026	684		2,613		3,297
2027	689		2,424		3,113
Thereafter	4,525		10,794		15,319
Total undiscounted rental payments	7,797		25,427		33,224
Less imputed interest	(2,013)		(3,741)		(5,754)
Total lease liabilities	$	5,784	$	21,686	$	27,470

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Common Stock	Paid-in Capital	Distributions in Excess of Accumulated Earnings	Accumulated Other Comprehensive Income (Loss)	Non-controlling Interests – Common OP Units
Beginning balance at Dec. 31, 2021	$ 1,486,171	$ 1,913	$ 1,593,362	$ (183,689)	$ 3,524	$ 71,061
Increase (Decrease) in Stockholders' Equity
Exchange of Common OP Units for Common Stock	0		67			(67)
Issuance of Common Stock through employee stock purchase plan	513		513
Issuance of Common Stock	28,370	3	28,367
Compensation expenses related to restricted stock and stock options	2,590		2,590
Repurchase of Common Stock or Common OP Units	(3,449)		(3,449)
Adjustment for Common OP Unitholders in the Operating Partnership	0		(1,641)			1,641
Adjustment for fair market value of swap	9,924				9,924
Consolidated net income	87,050			82,906		4,144
Distributions	(80,187)			(76,375)		(3,812)
Other	(645)		(645)
Ending balance at Mar. 31, 2022	1,530,337	1,916	1,619,164	(177,158)	13,448	72,967
Beginning balance at Dec. 31, 2022	1,517,485	1,916	1,628,618	(204,248)	19,119	72,080
Increase (Decrease) in Stockholders' Equity
Exchange of Common OP Units for Common Stock	0		198			(198)
Issuance of Common Stock through employee stock purchase plan	363		363
Compensation expenses related to restricted stock and stock options	2,549		2,549
Repurchase of Common Stock or Common OP Units	(1,932)		(1,932)
Adjustment for Common OP Unitholders in the Operating Partnership	0		168			(168)
Adjustment for fair market value of swap	(3,978)				(3,978)
Consolidated net income	86,459			82,371		4,088
Distributions	(87,462)			(83,326)		(4,136)
Other	(98)		(98)
Ending balance at Mar. 31, 2023	$ 1,513,386	$ 1,916	$ 1,629,866	$ (205,203)	$ 15,141	$ 71,666

Leases - Schedule of Future Minimum Rents Expected to be Received (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Lessor, Operating Lease, Payments, Fiscal Year Maturity
2023	$ 86,670
2024	115,394
2025	42,805
2026	23,963
2027	22,544
Thereafter	57,200
Total	$ 348,576

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2023	Apr. 19, 2023
Cover [Abstract]
Document Type	10-Q/A
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Commission File Number	1-11718
Entity Registrant Name	EQUITY LIFESTYLE PROPERTIES, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	36-3857664
Entity Address, Street Name	Two North Riverside Plaza, Suite 800
Entity Address, City	Chicago,
Entity Address, State	IL
Entity Address, Postal Zip Code	60606
City Area Code	312
Local Phone Number	279-1400
Title of 12(b) Security	Common Stock, $0.01 Par Value
Trading Symbol	ELS
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		186,209,657
Amendment Flag	true
Amendment Description	This Amendment No. 1 on Form 10-Q/A (the “Amended Report”) amends and restates certain items noted below in the Quarterly Report on Form 10-Q of Equity Lifestyle Properties (the “Company”) for the quarter ended March 31, 2023, originally filed with the Securities and Exchange Commission (“SEC”) on April 25, 2023 (the “Original Report”).
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000895417
Current Fiscal Year End Date	--12-31

Common Stock and Other Equity Related Transactions - Dividend Distributions (Details) - $ / shares	Apr. 14, 2023	Jan. 13, 2023	Oct. 14, 2022	Jul. 08, 2022	Apr. 08, 2022
Class of Stock [Line Items]
Common stock, dividends paid (in usd per share)		$ 0.4100	$ 0.4100	$ 0.4100	$ 0.4100
Subsequent Event
Class of Stock [Line Items]
Common stock, dividends paid (in usd per share)	$ 0.4475

Derivative Instruments and Hedging - Effects of Derivative Instruments on Statement of Comprehensive Income and Income Statement (Details) - Interest Rate Swap - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative
Amount of (gain)/loss recognized in OCI on derivative	$ 523	$ (9,661)
Cash Flow Hedging \| Interest Expense
Derivative
Amount of (gain)/loss reclassified from accumulated OCI into income	$ (3,455)	$ 263

Organization and Basis of Presentation	3 Months Ended
Organization and Basis of Presentation	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation Equity LifeStyle Properties, Inc. (“ELS”), a Maryland corporation, together with MHC Operating Limited Partnership (the “Operating Partnership”) and its other consolidated subsidiaries (the “Subsidiaries”), are referred to herein as “we,” “us,” and “our”. We are a fully integrated owner of lifestyle-oriented properties (“Properties”) consisting of property operations and home sales and rental operations primarily within manufactured home (“MH”) and recreational vehicle (“RV”) communities and marinas. We provide our customers the opportunity to place manufactured homes and cottages, RVs and/or boats on our Properties either on a long-term or short-term basis. Our customers may lease individual developed areas (“Sites”) or enter into right-to-use contracts, also known as membership subscriptions, which provide them access to specific Properties for limited stays. Our Properties are owned primarily by the Operating Partnership and managed internally by affiliates of the Operating Partnership. ELS is the sole general partner of the Operating Partnership, has exclusive responsibility and discretion in management and control of the Operating Partnership and held a 95.3% interest as of March 31, 2023. As the general partner with control, ELS is the primary beneficiary of, and therefore consolidates, the Operating Partnership. Equity method of accounting is applied to entities in which ELS does not have a controlling interest or for variable interest entities in which ELS is not considered the primary beneficiary, but with respect to which it can exercise significant influence over operations and major decisions. Our exposure to losses associated with unconsolidated joint ventures is primarily limited to the carrying value of these investments. Accordingly, distributions from a joint venture in excess of our carrying value are recognized in earnings. The accompanying unaudited interim consolidated financial statements have been prepared pursuant to Securities and Exchange Commission (“SEC”) rules and regulations for Quarterly Reports on Form 10-Q. Accordingly, they do not include all of the information and note disclosures required by U.S. Generally Accepted Accounting Principles (“GAAP”) for complete financial statements and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2022, as amended on January 22, 2024. Intercompany balances and transactions have been eliminated. All adjustments to the unaudited interim consolidated financial statements are of a normal, recurring nature and, in the opinion of management, are necessary for a fair presentation of results for these interim periods. Revenues and expenses are subject to seasonal fluctuations and accordingly, quarterly interim results may not be indicative of full year results. Certain prior period amounts have been reclassified on our unaudited interim consolidated financial statements to conform with current year presentation.

Reportable Segments - Consolidated Net Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Segment Reporting Information
Depreciation and amortization	$ (50,502)	$ (49,394)
Loss on sale of real estate and impairment, net	(2,632)	0
Reconciliation to consolidated net income:
Income from other investments, net	2,091	1,904
General and administrative	(11,661)	(12,072)
Other expenses	(1,468)	(1,048)
Interest and related amortization	(32,588)	(27,464)
Equity in income of unconsolidated joint ventures	524	171
Early debt retirement	0	(516)
Consolidated net income	86,459	87,050
Total assets	5,519,313	5,264,805	$ 5,492,519
Capital improvements (1)	60,974	60,958
Property Operations
Reconciliation to consolidated net income:
Total assets	5,239,891	5,012,335
Capital improvements (1)	51,412	54,990
Home Sales and Rentals Operations
Reconciliation to consolidated net income:
Total assets	279,422	252,470
Capital improvements (1)	9,562	5,968
Operating Segments
Segment Reporting Information
Operations revenues	365,773	356,526
Operations expenses	(185,166)	(182,816)
Income from segment operations	180,607	173,710
Interest income	2,080	1,757
Depreciation and amortization	(50,502)	(49,394)
Loss on sale of real estate and impairment, net	(2,632)
Income from operations	129,553	126,073
Operating Segments \| Property Operations
Segment Reporting Information
Operations revenues	341,737	325,426
Operations expenses	(165,023)	(154,988)
Income from segment operations	176,714	170,438
Interest income	1,566	1,377
Depreciation and amortization	(47,755)	(46,877)
Loss on sale of real estate and impairment, net	(2,632)
Income from operations	127,893	124,938
Operating Segments \| Home Sales and Rentals Operations
Segment Reporting Information
Operations revenues	24,036	31,100
Operations expenses	(20,143)	(27,828)
Income from segment operations	3,893	3,272
Interest income	514	380
Depreciation and amortization	(2,747)	(2,517)
Loss on sale of real estate and impairment, net	0
Income from operations	1,660	1,135
Segment Reconciling Items
Reconciliation to consolidated net income:
Corporate interest income	8	2
Income from other investments, net	2,091	1,904
General and administrative	(11,661)	(12,072)
Other expenses	(1,468)	(1,048)
Interest and related amortization	(32,588)	(27,464)
Equity in income of unconsolidated joint ventures	$ 524	171
Early debt retirement		$ (516)

Earnings Per Common Share (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Schedule of Calculation of Numerator and Denominator in Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share of common stock (Common Share) for the quarters ended March 31, 2023 and 2022:


	Quarters Ended March 31,
(amounts in thousands, except per share data)	2023		2022
Numerators:
Net income available for Common Stockholders – Basic	$	82,371	$	82,906
Amounts allocated to non controlling interest (dilutive securities)	4,088		4,144
Net income available for Common Stockholders – Fully Diluted	$	86,459	$	87,050
Denominators:
Weighted average Common Shares outstanding – Basic	185,900		185,690
Effect of dilutive securities:
Exchange of Common OP Units for Common Shares	9,262		9,301
Stock options and restricted stock	207		255
Weighted average Common Shares outstanding – Fully Diluted	195,369		195,246

Earnings per Common Share – Basic	$	0.44	$	0.45

Earnings per Common Share – Fully Diluted	$	0.44	$	0.45

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash Flows From Operating Activities:
Consolidated net income	$ 86,459	$ 87,050
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Loss on sale of real estate and impairment, net	2,632	0
Early debt retirement	0	516
Depreciation and amortization	51,860	50,237
Amortization of loan costs	1,208	1,213
Debt premium amortization	(32)	(60)
Equity in income of unconsolidated joint ventures	(524)	(171)
Distributions of income from unconsolidated joint ventures	174	0
Proceeds from insurance claims, net	5,795	59
Compensation expense related to incentive plans	3,330	(1,529)
Revenue recognized from membership upgrade sales upfront payments	(3,505)	(3,067)
Commission expense recognized related to membership sales	1,095	1,040
Changes in assets and liabilities:
Manufactured homes, net	(19,574)	(1,378)
Notes receivable, net	(1,345)	189
Deferred commission expense	(1,744)	(1,550)
Other assets, net	5,856	1,857
Accounts payable and other liabilities	9,553	(1,923)
Deferred membership revenue	10,074	8,494
Rents and other customer payments received in advance and security deposits	7,668	13,665
Net cash provided by operating activities	158,980	154,642
Cash Flows From Investing Activities:
Real estate acquisitions, net	(8,803)	(15,402)
Investment in unconsolidated joint ventures	(1,752)	(7,912)
Distributions of capital from unconsolidated joint ventures	1,012	374
Proceeds from insurance claims, net	4,070	1,405
Capital improvements	(60,974)	(60,958)
Net cash used in investing activities	(66,447)	(82,493)
Cash Flows From Financing Activities:
Proceeds from stock options and employee stock purchase plan	363	513
Gross proceeds from the issuance of common stock	0	28,370
Distributions:
Common Stockholders	(76,309)	(67,295)
Common OP Unitholders	(3,799)	(3,373)
Share based award tax withholding payments	1,932	3,449
Principal payments and mortgage debt repayment	(16,443)	(29,592)
Term loan proceeds	0	200,000
Line of Credit repayment	(104,000)	(319,000)
Line of Credit proceeds	118,000	39,000
Debt issuance and defeasance costs	0	(1,957)
Other	(99)	(644)
Net cash used in financing activities	(84,219)	(157,427)
Net increase (decrease) in cash and restricted cash	8,314	(85,278)
Cash and restricted cash, beginning of period	22,347	123,398
Cash and restricted cash, end of period	30,661	38,120
Supplemental Information:
Cash paid for interest, net	31,630	26,839
Real estate acquisitions:
Investment in real estate	(9,535)	(15,075)
Notes receivable, net	0	(772)
Other assets, net	14	0
Deferred membership revenue	0	315
Other liabilities	0	79
Rents and other customer payments received in advance and security deposits	718	51
Real estate acquisitions, net	$ (8,803)	$ (15,402)

Investments in Unconsolidated Joint Ventures - Schedule of Investments (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Mar. 31, 2023	Mar. 31, 2023 site	Mar. 31, 2023 joint_venture	Mar. 31, 2023 community	Dec. 31, 2022 USD ($)
Schedule of Equity Method Investments
Number of Sites				3,563	2
Investment in unconsolidated joint ventures	$ 81,135						$ 81,404
Equity in income (loss) of unconsolidated joint ventures	524	$ 171
Voyager \| Servicing Assets
Schedule of Equity Method Investments
Economic interest			33.00%
Lakeshore Investment One
Schedule of Equity Method Investments
Economic interest			65.00%
Lakeshore Investment Two
Schedule of Equity Method Investments
Economic interest			65.00%
Crosswinds
Schedule of Equity Method Investments
Economic interest			49.00%
Various \| Meadows
Schedule of Equity Method Investments
Number of Sites \| site				1,077
Economic interest			50.00%
Investment in unconsolidated joint ventures	232						158
Equity in income (loss) of unconsolidated joint ventures	374	260
Various \| ECHO JV
Schedule of Equity Method Investments
Number of Sites \| site				0
Economic interest			50.00%
Investment in unconsolidated joint ventures	2,773						2,963
Equity in income (loss) of unconsolidated joint ventures	(190)	177
Various \| RVC
Schedule of Equity Method Investments
Number of Sites \| site				1,282
Economic interest			80.00%
Investment in unconsolidated joint ventures	60,036						60,323
Equity in income (loss) of unconsolidated joint ventures	(353)	(421)
Various \| Three Joint Ventures
Schedule of Equity Method Investments
Number of Sites \| joint_venture					3
Various \| Operating RVs
Schedule of Equity Method Investments
Number of Sites					1	7
Various \| RV Property Under Development
Schedule of Equity Method Investments
Number of Sites \| joint_venture					2
Florida \| Lakeshore
Schedule of Equity Method Investments
Number of Sites \| site				721
Investment in unconsolidated joint ventures	2,866						2,625
Equity in income (loss) of unconsolidated joint ventures	172	135
Arizona \| Voyager
Schedule of Equity Method Investments
Number of Sites \| site				0
Economic interest			0.00%
Investment in unconsolidated joint ventures	0						139
Equity in income (loss) of unconsolidated joint ventures	692	20
Arizona \| Mulberry Farms
Schedule of Equity Method Investments
Number of Sites \| site				200
Economic interest			50.00%
Investment in unconsolidated joint ventures	10,071						9,902
Equity in income (loss) of unconsolidated joint ventures	(31)	0
Georgia \| Hiawassee KOA JV
Schedule of Equity Method Investments
Number of Sites \| site				283
Economic interest			50.00%
Investment in unconsolidated joint ventures	5,157						$ 5,294
Equity in income (loss) of unconsolidated joint ventures	$ (140)	$ 0

Derivative Instruments and Hedging

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging

Cash Flow Hedges of Interest Rate Risk

We record all derivatives at fair value. Our objective in utilizing interest rate derivatives is to add stability to our interest expense and to manage our exposure to interest rate movements. We do not enter into derivatives for speculative purposes.

In March 2021, we entered into a Swap Agreement (the “2021 Swap”) with a notional amount of $300.0 million allowing us to trade the variable interest rate associated with our $300.0 million Term Loan for a fixed interest rate. In March 2023, we amended the 2021 Swap agreement to reflect the change in the $300.0 million Term Loan interest rate benchmark from LIBOR to SOFR (see Note 9.Borrowing arrangements). The 2021 Swap has a fixed interest rate of 0.41% per annum and matures on March 25, 2024. Based on the leverage as of March 31, 2023, our spread over SOFR was 1.40% resulting in an estimated all-in interest rate of 1.81% per annum.

In April 2023, we entered into a Swap Agreement (the “2023 Swap”) with a notional amount of $200.0 million allowing us to trade the variable interest rate associated with our $200.0 million Term Loan for a fixed interest rate. The 2023 Swap has a fixed interest rate of 3.68% per annum and matures on January 21, 2027. Based on the leverage as of March 31, 2023, our spread over SOFR was 1.20% resulting in an estimated all-in interest rate of 4.88% per annum.

Our derivative financial instrument was classified as Level 2 in the fair value hierarchy. The following table presents the fair value of our derivative financial instrument:


		As of March 31,		As of December 31,
(amounts in thousands)	Balance Sheet Location	2023		2022
Interest Rate Swap	Other assets, net	$	15,141	$	19,119

The following table presents the effect of our derivative financial instrument on the Consolidated Statements of Income and Comprehensive Income:


Derivatives in Cash Flow Hedging Relationship	Amount of (gain)/loss recognized in OCI on derivative for the quarters ended March 31,				Location of (gain)/ loss reclassified from accumulated OCI into income	Amount of (gain)/loss reclassified from accumulated OCI into income for the quarters ended March 31,
(amounts in thousands)	2023		2022		(amounts in thousands)	2023		2022
Interest Rate Swap	$	523	$	(9,661)	Interest Expense	$	(3,455)	$	263

During the next twelve months, we estimate that $14.0 million will be reclassified as a decrease to interest expense. This estimate may be subject to change as the underlying SOFR changes. We determined that no adjustment was necessary for non-performance risk on our derivative obligation. As of March 31, 2023, we had not posted any collateral related to the 2021 Swap.

Derivative Instruments and Hedging (Tables)

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair Value of Derivative Financial Instruments

The following table presents the fair value of our derivative financial instrument:


		As of March 31,		As of December 31,
(amounts in thousands)	Balance Sheet Location	2023		2022
Interest Rate Swap	Other assets, net	$	15,141	$	19,119

Schedule of Effect of Derivative Instruments on Consolidated Statements of Operations

The following table presents the effect of our derivative financial instrument on the Consolidated Statements of Income and Comprehensive Income:


Derivatives in Cash Flow Hedging Relationship	Amount of (gain)/loss recognized in OCI on derivative for the quarters ended March 31,				Location of (gain)/ loss reclassified from accumulated OCI into income	Amount of (gain)/loss reclassified from accumulated OCI into income for the quarters ended March 31,
(amounts in thousands)	2023		2022		(amounts in thousands)	2023		2022
Interest Rate Swap	$	523	$	(9,661)	Interest Expense	$	(3,455)	$	263

Investment in Real Estate (Details) $ in Millions		3 Months Ended
Investment in Real Estate (Details) $ in Millions	Mar. 28, 2022 USD ($) site	Mar. 31, 2023 USD ($)
Asset Acquisition [Line Items]
Impairment		$ 2.6
Red Oak Shores Campground
Asset Acquisition [Line Items]
Number of sites acquired \| site	223
Purchase price	$ 9.5

Investments in Unconsolidated Joint Ventures (Tables)

3 Months Ended

Mar. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Our Investment in Unconsolidated Joint Ventures


						Investment as of				Income/(Loss) for the Quarters Ended
Investment	Location	Number of Sites	Economic Interest (a)			March 31, 2023		December 31, 2022		March 31, 2023		March 31, 2022
Meadows	Various (2,2)	1,077	50	%		$	232	$	158	$	374	$	260
Lakeshore	Florida (3,3)	721	(b)			2,866		2,625		172		135
Voyager	Arizona (1,1)	—	—	%	(c)	—		139		692		20
ECHO JV	Various	—	50	%		2,773		2,963		(190)		177
RVC	Various	1,282	80	%	(d)	60,036		60,323		(353)		(421)
Mulberry Farms	Arizona	200	50	%		10,071		9,902		(31)		—
Hiawassee KOA JV	Georgia	283	50	%		$	5,157	$	5,294	$	(140)	$	—
		3,563				$	81,135	$	81,404	$	524	$	171

_____________________

(a)The percentages shown approximate our economic interest as of March 31, 2023. Our legal ownership interest may differ.

(b)Includes two joint ventures in which we own a 65% interest in each and the Crosswinds joint venture in which we own a 49% interest.

(c)During the quarter ended March 31, 2023 we sold our 33% interest in the utility plant servicing Voyager RV Resort.

(d)Includes three joint ventures of which one joint venture owns a portfolio of seven operating RV communities and two joint ventures each own an RV property under development.

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Equity LifeStyle Properties, Inc. (“ELS”), a Maryland corporation, together with MHC Operating Limited Partnership (the “Operating Partnership”) and its other consolidated subsidiaries (the “Subsidiaries”), are referred to herein as “we,” “us,” and “our”. We are a fully integrated owner of lifestyle-oriented properties (“Properties”) consisting of property operations and home sales and rental operations primarily within manufactured home (“MH”) and recreational vehicle (“RV”) communities and marinas. We provide our customers the opportunity to place manufactured homes and cottages, RVs and/or boats on our Properties either on a long-term or short-term basis. Our customers may lease individual developed areas (“Sites”) or enter into right-to-use contracts, also known as membership subscriptions, which provide them access to specific Properties for limited stays. Our Properties are owned primarily by the Operating Partnership and managed internally by affiliates of the Operating Partnership. ELS is the sole general partner of the Operating Partnership, has exclusive responsibility and discretion in management and control of the Operating Partnership and held a 95.3% interest as of March 31, 2023. As the general partner with control, ELS is the primary beneficiary of, and therefore consolidates, the Operating Partnership.
Consolidation	Equity method of accounting is applied to entities in which ELS does not have a controlling interest or for variable interest entities in which ELS is not considered the primary beneficiary, but with respect to which it can exercise significant influence over operations and major decisions. Our exposure to losses associated with unconsolidated joint ventures is primarily limited to the carrying value of these investments. Accordingly, distributions from a joint venture in excess of our carrying value are recognized in earnings.
Revenue Recognition	Revenue Recognition Our revenue streams are predominantly derived from customers renting our Sites or entering into membership subscriptions. Leases with customers renting our Sites are accounted for as operating leases. The rental income associated with these leases is accounted for in accordance with the Accounting Standards Codification (“ASC”) 842, Leases, and is recognized over the term of the respective lease or the length of a customer’s stay. MH Sites are generally leased on an annual basis to residents who own or lease factory-built homes, including manufactured homes. RV and marina Sites are leased to those who generally have an RV, factory-built cottage, boat or other unit placed on the site, including those customers renting marina dry storage slips. Annual Sites are leased on an annual basis, including those Northern Properties that are open for the summer season. Seasonal Sites are leased to customers generally for one to six months. Transient Sites are leased to customers on a short-term basis. We do not separate expenses reimbursed by our customers (“utility recoveries”) from the associated rental income as we meet the practical expedient criteria of ASC 842, Leases to combine the lease and non-lease components. We assessed the criteria and concluded that the timing and pattern of transfer for rental income and the associated utility recoveries are the same and, as our leases qualify as operating leases, we account for and present rental income and utility recoveries as a single component under Rental income in our Consolidated Statements of Income and Comprehensive Income. In addition, customers may lease homes that are located in our communities. These leases are accounted for as operating leases. Rental income derived from customers leasing homes is also accounted for in accordance with ASC 842, Leases and is recognized over the term of the respective lease. The allowance for credit losses related to the collectability of lease receivables is presented as a reduction to Rental income. Lease receivables are presented within Other assets, net on the Consolidated Balance Sheets and are net of an allowance for credit losses. The estimate for credit losses is a result of our ongoing assessments and evaluations of collectability, including historical loss experience, current market conditions and future expectations in forecasting credit losses. Annual membership subscriptions and membership upgrade sales are accounted for in accordance with ASC 606, Revenue from Contracts with Customers. Membership subscriptions provide our customers access to specific Properties for limited stays at a specified group of Properties. Payments are deferred and recognized on a straight-line basis over the one-year period during which access to Sites at certain Properties is provided. Membership subscription receivables are presented within Other assets, net on the Consolidated Balance Sheets and are net of an allowance for credit losses. Membership upgrades grant certain additional access rights to the customer and require non-refundable upfront payments. The non-refundable upfront payments are recognized on a straight-line basis over 20 years. Financed upgrade sales (also known as contract receivables) are presented within Notes receivable, net on the Consolidated Balance Sheets and are net of an allowance for credit losses. Income from home sales is recognized when the earnings process is complete. The earnings process is complete when the home has been delivered, the purchaser has accepted the home and title has transferred. We have a limited program under which we purchase loans made by an unaffiliated lender to homebuyers at our Properties. Financed home sales (also known as chattel loans) are presented within Notes receivable, net on the Consolidated Balance Sheets and are net of an allowance for credit losses.
Restricted Cash	Restricted Cash As of March 31, 2023 and December 31, 2022, restricted cash consisted of $19.8 million and $19.7 million, respectively, primarily related to cash reserved for customer deposits and escrows for insurance and real estate taxes.
Insurance Recoveries	Insurance Recoveries We carry comprehensive insurance coverage for losses resulting from property damage and environmental liability and business interruption claims on all of our properties. We record the estimated amount of expected insurance proceeds for property damage, clean-up costs and other losses incurred as an asset (typically a receivable from our insurance carriers) and income up to the amount of the losses incurred when receipt of insurance proceeds is deemed probable. Any amount of insurance recovery in excess of the losses incurred and any amount of insurance recovery related to business interruption are considered a gain contingency and will be recognized in the period in which the insurance proceeds are received. During the quarter ended March 31, 2023, we recognized expenses of approximately $8.5 million related to debris removal and cleanup related to Hurricane Ian and an offsetting insurance recovery revenue accrual of $8.5 million related to the expected insurance recovery as a result of Hurricane Ian.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

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-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130566-203045

+ Details

Borrowing Arrangements (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Schedule of Fair Value of Mortgage Debt

The following table presents the fair value of our mortgage notes payable:


	As of March 31, 2023				As of December 31, 2022
(amounts in thousands)	Fair Value		Carrying Value		Fair Value		Carrying Value
Mortgage notes payable, excluding deferred financing costs	$	2,100,665	$	2,701,638	$	2,043,412	$	2,718,114

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Earnings Per Common Share

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Common Share

The following table sets forth the computation of basic and diluted earnings per share of common stock (Common Share) for the quarters ended March 31, 2023 and 2022:


	Quarters Ended March 31,
(amounts in thousands, except per share data)	2023		2022
Numerators:
Net income available for Common Stockholders – Basic	$	82,371	$	82,906
Amounts allocated to non controlling interest (dilutive securities)	4,088		4,144
Net income available for Common Stockholders – Fully Diluted	$	86,459	$	87,050
Denominators:
Weighted average Common Shares outstanding – Basic	185,900		185,690
Effect of dilutive securities:
Exchange of Common OP Units for Common Shares	9,262		9,301
Stock options and restricted stock	207		255
Weighted average Common Shares outstanding – Fully Diluted	195,369		195,246

Earnings per Common Share – Basic	$	0.44	$	0.45

Earnings per Common Share – Fully Diluted	$	0.44	$	0.45

Borrowing Arrangements

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Borrowing Arrangements

Mortgage Notes Payable

Our mortgage notes payable are classified as Level 2 in the fair value hierarchy. The following table presents the fair value of our mortgage notes payable:


	As of March 31, 2023				As of December 31, 2022
(amounts in thousands)	Fair Value		Carrying Value		Fair Value		Carrying Value
Mortgage notes payable, excluding deferred financing costs	$	2,100,665	$	2,701,638	$	2,043,412	$	2,718,114

The weighted average interest rate on our outstanding mortgage indebtedness, including the impact of premium/discount amortization and loan cost amortization on mortgage indebtedness, as of March 31, 2023, was approximately 3.7% per annum. The debt bears interest at stated rates ranging from 2.4% to 8.9% per annum and matures on various dates ranging from 2023 to 2041. The debt encumbered a total of 114 of our Properties as of March 31, 2023 and December 31, 2022, and the gross carrying value of such Properties was approximately $2,895.2 million and $2,868.3 million, as of March 31, 2023 and December 31, 2022, respectively.

Unsecured Debt

We previously entered into a Third Amended and Restated Credit Agreement (“Credit Agreement”), pursuant to which we have access to a $500.0 million unsecured line of credit (the “LOC”) and a $300.0 million senior unsecured term loan (the “$300 million Term Loan”). On March 1, 2023, we amended the Credit Agreement to transition the LIBOR rate borrowings to Secured Overnight Financing Rate (“SOFR”) borrowings. The LOC bears interest at a rate of SOFR plus 1.25% to 1.65% and requires an annual facility fee of 0.20% to 0.35%. The $300 million Term Loan has an interest rate of SOFR plus 1.40% to 1.95% per annum. For both the LOC and the $300 million Term Loan, the spread over SOFR is variable based on leverage throughout the respective loan terms. As of March 31, 2023, the Company has no remaining LIBOR based borrowings.

The LOC had a balance of $212.0 million and $198.0 million outstanding as of March 31, 2023 and December 31, 2022, respectively. As of March 31, 2023, our LOC had a remaining borrowing capacity of $288.0 million.

As of March 31, 2023, we were in compliance in all material respects with the covenants in all our borrowing arrangements.

During the year ended December 31, 2022, we entered into a $200.0 million senior unsecured term loan agreement (the “$200 million Term Loan”). The maturity date is January 21, 2027, with an interest rate of SOFR plus approximately 1.30% to 1.80%, depending on leverage levels.

Common Stock and Other Equity Related Transactions

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Common Stock and Other Equity Related Transactions

Common Stockholder Distribution Activity

The following quarterly distributions have been declared and paid to Common Stockholders and the Operating Partnership unit (“OP Unit”) holders since January 1, 2022.

Distribution Amount Per Share

For the Quarter Ended

Stockholder Record Date

Payment Date

$0.4100

March 31, 2022

March 25, 2022

April 8, 2022

$0.4100

June 30, 2022

June 24, 2022

July 8, 2022

$0.4100

September 30, 2022

October 14, 2022

$0.4100

December 31, 2022

December 30, 2022

January 13, 2023

$0.4475

March 31, 2023

April 14, 2023

Equity Offering Program

On February 24, 2022, we entered into our current at-the-market (“ATM”) equity offering program with certain sales agents, pursuant to which we may sell, from time-to-time, shares of our common stock, par value $0.01 per share, having an aggregate offering price of up to $500.0 million. As of March 31, 2023, the full capacity remained available for issuance under our ATM equity offering program.

Exchanges

Subject to certain limitations, OP Unit holders can request an exchange of any or all of their OP Units for shares of Common Stock at any time. Upon receipt of such a request, we may, in lieu of issuing shares of Common Stock, cause the Operating Partnership to pay cash. During the quarters ended March 31, 2023 and 2022, 25,496 and 8,640 OP Units, respectively, were exchanged for an equal number of shares of Common Stock.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details